State, Local Governments See Revenue Numbers Grow

by Arkansas Business Staff  on Monday, Aug. 5, 2013 12:00 am  

The revenue picture for state and local governments improved in 2011, the U.S. Census Bureau reported late last month. Increases in sales and gross receipt taxes and in individual income taxes helped propel a rise in tax revenue, the first in two years. Total revenue for state and local governments hit a record high of $3.4 trillion in 2011, up 8.4 percent from 2010.

The information is contained in the bureau’s “State and Local Government Finances Summary: 2011,” based on data gathered for the 2010 and 2011 Annual Surveys of State and Local Government Finances. The surveys provide the most recent figures available.

Other findings:

  • Individual income tax revenue rose 9.5 percent to $284.9 billion, while corporate income tax revenue increased 10.7 percent to $48.5 billion.
  • Overall, tax revenue also reached a record high in 2011, increasing 5.3 percent to $1.3 trillion collected.
  • Outlays by state and local governments rose 1.5 percent in 2011, to $3.2 trillion.
  • Spending on state and local government unemployment compensation dropped 10 percent in 2011 compared with the previous year.

 

 

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